Accessibility Statement Skip Navigation
  • Why PRWeb
  • How It Works
  • Who Uses It
  • Pricing
  • Login
  • GDPR
  • Create a Free Account
Return to PRWeb homepage
  • News
  • Resources
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
  • Business & Money
      • Auto & Transportation

      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Hamburger menu
  • Cision PRWeb provides efficient communication tools to continuously engage with target audiences across multiple online channels
  • Create a Free Account
    • ALL CONTACT INFO
    • Contact Us


      11AM ET Sunday – 8PM ET Friday

  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR
  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR
  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR

Despite COVID, CanAm Collects on $20 Million Loan on Behalf of Its EB-5 Investors

CanAm worked diligently to help secure repayment for its investors during the COVID pandemic.


News provided by

CanAm Enterprises

Oct 01, 2020, 20:00 ET

Share this article

Share toX

Share this article

Share toX


NEW YORK, Oct. 1, 2020 /PRNewswire-PRWeb/ -- CanAm Enterprises is pleased to announce that it has secured full repayment of its $20 million loan to the City Center Allentown Project on behalf of its 40 EB-5 Program investors. The EB-5 loan financed the construction of a full-service Marriott Renaissance Hotel and Three City Center office building in downtown Allentown, Pennsylvania.

"With COVID creating unprecedented challenges for the hospitality sector, especially business hotel operators, we knew that our 40 investors in this project would be waiting and watching to see if the project would repay on time," commented Tom Rosenfeld, President and CEO of CanAm Enterprises. "So many have made forbearance requests on their loan payments. Working closely with the borrower, we went out of our way to remind them that our EB-5 investors had done their part in offering very attractive financing to spur the economic development envisioned for Allentown, which has been very successful, creating jobs in the region over the past five years – and that they should do whatever they could to ensure the loan is repaid. We are thrilled that they ultimately were able to repay in full and on time."

"When COVID hit, as with all of our investments, we were proactively in regular discussions with the sponsor to determine impacts and ensure our investment remained sound, " commented John Reid, Director of Project Development at CanAm Enterprises.

Post this

CanAm's project was part of a 10-year master-planned redevelopment of downtown Allentown, Pennsylvania, which, to date, has included $600 million in investment and delivered an 11-building complex, providing office space for 5,000 new employees, 6,800 structured parking spaces. The project has successfully revitalized the area and forever enhanced the Allentown skyline. The City Center Allentown Project features Class A office buildings, a full-service Marriott Renaissance Hotel with convention space and which connects directly to the PPL Center sports arena. The project also includes luxury apartments, upscale retail space, loft-style office space and parking aimed at positioning downtown Allentown as a regional center for business, culture, and metropolitan living. The master plan focused on blending new and existing properties to create a walkable "live, work, play" complex within the Allentown core.

As with many projects, COVID created significant challenges and uncertainty related to the near-term performance of the project. The Marriot Renaissance in the City Center Allentown, a business hotel attached to the convention center, has been closed since stay-at-home orders were announced in mid-March. Like other commercial real estate landlords, City Center Allentown has also experienced uncertainty with its office tenant leases due to the shift to remote working for office workers. All of which occurred with a looming August deadline for the $20 million EB-5 loan.

CanAm worked diligently to help secure repayment for its investors in a timely manner. "Since early this year, we were in touch with the borrower to ensure the August repayment was on track," commented John Reid, Director of Project Development at CanAm Enterprises. "When COVID hit, as with all of our investments, we were proactively in regular discussions with the sponsor to determine impacts and ensure our investment remained sound. We insisted on a timely repayment for our investors and are very pleased that JB Reilly was able to facilitate this repayment even during this challenging time in the capital markets. It's a testament to the quality of his organization and speaks to their ability to meet important commitments such as this," added Reid.

Launched in 2011, CCIC is led by J.B. Reilly and an award-winning team of individuals whose experience spans lifestyle communities, garden apartments, urban spaces, and historic high-rises. With 1.8 million sq ft of development under its belt to date, CCIC continues to operate the City Center Allenton complex despite COVID headwinds. In July, CCIC announced that it is preleasing and accepting deposits for a 169-unit luxury building that is slated to open on schedule in October.

"Of course, no one could predict a pandemic would hit, and we understood that there might be some compromises. This is not the biggest EB-5 loan we've made, but we were especially watchful because it's in the hospitality sector. The fact that they understood our concerns and that they repaid - there's no better example to reiterate how important it is to work with a credible developer that has resources to capital even in times such as these," said Rosenfeld. "This is once again a true testament to CanAm's strategy of conservative investing and its fierce commitment to seeing its projects to completion to ensure that its EB-5 investments are reasonably safe, transparent and reliable," Rosenfeld added.

As of August, CanAm have repaid 3,500 investor families a total of $1.75 billion from 45 EB-5 projects completed in the last decade. In total, CanAm has raised $3 billion from its international investor pool and invested that capital into 60 development projects across the U.S. The 60 projects have created over 90,000 jobs for American workers.

About CanAm Enterprises
Headquartered in New York, CanAm Enterprises is a leading full-service financial firm sponsoring EB-5 immigration-linked investment funds. With a legacy of over 30 years and a client-first focus, CanAm has funded over 60 EB-5 projects and has helped 6,000 investor families to achieve their immigration and investment goals by getting 14,000+ conditional green card approvals and 7,400 permanent green card approvals. The firm exclusively operates seven regional centers across the United States namely CanAm Texas Regional Center, CanAm Philadelphia PIDC Regional Center, CanAm Pennsylvania Regional Center, New York Metropolitan Regional Center, CanAm California Regional Center, CanAm Hawaii Regional Center and CanAm Florida Regional Center.
For more information, please visit: http://www.canamenterprises.com

About the EB-5 Visa Program
The EB-5 Immigrant Investor Visa Program is one of the fastest and most reliable ways for high-net-worth investors to earn a U.S. green card. The program provides U.S. green cards and permanent residency to an investor and their immediate family (spouse and all unmarried children up to the age of 21) through a one-time investment of $900,000 USD into a new U.S. business that creates at least 10 American jobs.

SOURCE CanAm Enterprises

Related Links

http://www.canamenterprises.com/

Modal title

Contact PRWeb

  • 11AM ET Sunday – 8PM ET Friday
  • Contact Us

About PRWeb

  • About PRWeb
  • Partners
  • Partnership Programs
  • Editorial Guidelines
  • Resources

Why PRWeb

  • Why PRWeb
  • How It Works
  • Who Uses It
  • Pricing

Accounts

  • Create a Free Account
  • Log in
  • Contact Us

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Legal
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 Cision US Inc.